Revolut has obtained conditional approval to establish itself as a federal bank in the United States, a crucial step in its global expansion. The entity aims to reach 100 million customers worldwide by 2027, according to expansión.com.
The entity Revolut, led by Nik Storonsky, has secured a conditional approval to become a federal bank in the United States. This advancement is part of its expansion strategy towards a target of 100 million customers by 2027.
The Office of the Comptroller of the Currency (OCC) has granted provisional approval, while Revolut completes the necessary procedures with the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve (FED). The company expects to begin its operations as a banking entity in 2027, according to Cetin Duransoy, CEO of Revolut in the U.S.
Storonsky emphasised: "This is a crucial first step towards the establishment of the planned Revolut Bank US and provides us with a solid foundation to build in the largest financial market in the world."
Obtaining this licence will allow Revolut to offer products such as loans, credit cards, and access to cryptocurrencies to its U.S. customers. This advancement comes alongside the acquisition of final licences in France, Australia, Mexico, and the United Kingdom during this year.
Since its creation in 2015, Revolut has evolved from being a currency exchange platform to an entity valued at approximately €99 billion. In Spain, the firm already has 6.5 million customers.
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